Sweden Cancels Cameroon’s Debt
Sweden on Thursday said it had cancelled all of the debt owed it by Cameroon, totalling US $ 70 million dollars.
In a statement the government said that it had granted debt relief to Cameroon as well as cancelling interest and repayment obligations.
The debt cancellation was part of a debt relief programme, started by the World Bank and the International Monetary Fund in 1996, aimed at helping heavily indebted countries bring down their debt to sustainable levels.
The programme is known as the Heavily Indebted Poor Countries, or HIPC, initiative.